KUALA LUMPUR: Golden Horse Palace Bhd (GHPB), a subsidiary of Country Heights Holdings Bhd (CHHB), is acquiring 20 units of Country Villas from its sibling Country Heights W.T.C Sdn Bhd (CHWTC) for a total of RM4 million.

In a filing to Bursa Malaysia on March 1, CHHB said GHPB is also acquiring 2.6 million shares of RM1 each, or 100% of the issued and paid-up capital of Country Heights Lifestyle Bhd (CHLB) from Country Heights Resorts & Leisure Sdn Bhd (CHRL) for RM1.

CHLB has accumulated losses of RM3.48 million and total net tangible liabilities of RM880,050 as at Dec 31, 2008.

CHHB added that the two disposals would allow the group to streamline operational efficiency within its hospitality, leisure and health division. The corporate exercise also allows the developer to expand its spectrum of hospitality, leisure and health business through GHPB and complement the existing hotel and timeshare business.
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